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Financial Sustainability of Cultural Heritage: A Review of Crowdfunding in Europe

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  • Daniela Angelina Jelinčić

    (Institute for Development and International Relations, 10000 Zagreb, Croatia)

  • Marta Šveb

    (Institute for Development and International Relations, 10000 Zagreb, Croatia)

Abstract

Most cultural heritage projects strive in ensuring financial sustainability, mainly relying on public subsidies. At the same time, they lack fund management policies which directly affects their financial sustainability. European Union heritage policies focus on sustainability but after investments have been made, there are rare cases which can boast about it. A number of heritage funding mechanisms exist which are explained in this review paper, while the focus is on crowdfunding as an alternative mechanism. The study used literature review method based on PRISMA guidelines to analyze new trends and suitability of crowdfunding for cultural heritage projects, and to detect possible factors influencing its success. The purpose was to add to the existing knowledge while offering a systematic review which can be applied in practice. Findings indicate the trend of participatory approach to heritage, which is in line with the participatory nature of crowdfunding campaigns. Further, crowdfunding suitability for cultural heritage projects was confirmed while its success factors majorly depend on the policy framework, heritage project nature and management of the campaign itself.

Suggested Citation

  • Daniela Angelina Jelinčić & Marta Šveb, 2021. "Financial Sustainability of Cultural Heritage: A Review of Crowdfunding in Europe," JRFM, MDPI, vol. 14(3), pages 1-16, March.
    • Handle: RePEc:gam:jjrfmx:v:14:y:2021:i:3:p:101-:d:510309
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    References listed on IDEAS

    as
    1. Di Pietro, Francesca & Butticè, Vincenzo, 2020. "Institutional characteristics and the development of crowdfunding across countries," International Review of Financial Analysis, Elsevier, vol. 71(C).
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    3. Cezar Corneliu MANDA & Cristina Elena NICOLESCU & Dana MORTELMANS, 2017. "Financing Culture Institutions In European Context," SEA - Practical Application of Science, Romanian Foundation for Business Intelligence, Editorial Department, issue 13, pages 179-185, May.
    4. Goran Calic & Elaine Mosakowski, 2016. "Kicking Off Social Entrepreneurship: How A Sustainability Orientation Influences Crowdfunding Success," Journal of Management Studies, Wiley Blackwell, vol. 53(5), pages 738-767, July.
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    Cited by:

    1. Deri Maria Grazia & D’Acunto David & Lemmi Enrica, 2023. "Crowdfunding in the accommodation realm and pandemic times: The resilient case of CleanBnB," European Journal of Tourism, Hospitality and Recreation, Sciendo, vol. 13(1), pages 80-96, December.
    2. Alet C. Erasmus & Geoffrey Tocknell & Flip Schutte, 2023. "The potential of crowdfunding to promote business in the context of an emerging economy," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 28(3), pages 558-569, September.
    3. Elena Borin & Giulia Fantini, 2023. "Participatory Governance as a Success Factor in Equity Crowdfunding Campaigns for Cultural Heritage," JRFM, MDPI, vol. 16(3), pages 1-16, March.
    4. Agnieszka Szewczyk & Zbigniew Stempnakowski, 2021. "Social Energy as the Driving Force behind Crowdfunding—Analysis and Classification of Selected Attributes," Energies, MDPI, vol. 14(19), pages 1-32, September.
    5. Muhammad Iqmal Hisham Kamaruddin & Nurul Aini Muhamed & Rafisah Mat Radzi & Wan Nur Fazni Wan Mohamad Nazarie & Aimi Fadzirul Kamarubahrin, 2023. "Financial management practices in Islamic donation-based crowdfunding (DCF) platforms in Malaysia," Future Business Journal, Springer, vol. 9(1), pages 1-14, December.

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